Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

2   CGT (new Parts 3-1, 3-3 and 3-5)

3   Consequential amendment of the Income Tax Assessment Act 1936

448   Section 408A

Repeal the section, substitute:

408A Certain events before commencing day ignored

For the purposes of applying this Act in calculating the attributable income of an eligible CFC, if the eligible CFC's commencing day is after 30 June 1995:

(a) Part IIIA of this Act does not apply to disposals of assets of the eligible CFC; and

(b) Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 do not apply to CGT events involving the eligible CFC;

before the end of the commencing day.